The Bank of Ghana has taken a significant step towards ensuring the integrity and development of the financial system with the launch of a centralized foreign exchange trading platform. Effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of foreign currencies.
This initiative marks a major milestone in the Bank’s efforts to promote safe and sound operations in the foreign exchange business. The platform will enhance oversight for Directors and Management of bureaux, improve the Bank’s monitoring and supervision of their operations, and ensure compliance with relevant regulations.
To ensure full utilisation and realisation of the system’s objectives, the following must
be adhered to:
i. Trading of Foreign Currencies with Licensed Dealers Only: The buying and
selling of foreign currencies shall only be conducted at Bank of Ghana licensed
foreign currencies dealers, which include licensed Foreign Exchange Bureaux.
ii. Usage of the Platform: All Foreign Exchange Bureaux transactions shall be
conducted on the new trading platform.
iii. Issuance of Electronic Receipt : Foreign Exchange Bureaux are required to
issue electronic receipt to customers for all purchases and sales of foreign
currencies.
iv. Verification of Customer Identity : In line with Bank of Ghana’s Notice No.
BG/GOV/SEC/01 titled “Use of Ghana Card for All Financial Transactions”, all
persons seeking to buy or sell foreign currencies must provide a Ghana Card or
Passport (for Foreign Nationals) and undergo biometric verification.
The Bank of Ghana emphasizes that all foreign exchange transactions must be conducted through licensed dealers, reinforcing the importance of compliance with regulatory standards.
This move is part of broader efforts to enhance financial system security and integrity, ensuring transparent and properly regulated foreign exchange activities.
With this launch, the Bank of Ghana demonstrates its commitment to promoting a stable and secure financial environment for all stakeholders.
